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Oil Rally Continues Despite Soaring Shale Output

OilPrice.com Thursday, 21 February 2019
Starting off the week on February 18 was an unusually comfortable experience for people in the oil industry. Saudi Arabia vowed to cut its crude output beyond OPEC/OPEC+ commitments, which has palpably helped to move prices up, moreover, shutting down its Safaniyah offshore field due to a power outage even brought in an unscheduled upward pressure factor. Even the US-China trade talks have instilled hope in market watchers that a deal might be reached in the upcoming days. Source: Bloomberg. The bullish sentiment was somewhat cooled by news of…
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